- US Federal Reserve Chairman, Jerome Powell, is set to discuss current interest rates and monetary policy, which may impact Bitcoin and the overall crypto market.
- A record-breaking $5 billion worth of Bitcoin options are set to expire on June 30, which could lead to increased volatility in the market.
After a week of bullish performance with Bitcoin climbing 14.5% to hit a yearly high of $31,432, and the total crypto market capitalization up by 10.7%, all eyes are on the week ahead. The market will monitor five key events that could potentially steer the future course of Bitcoin and the larger crypto market.
Jerome Powell, the Chairman of the US Federal Reserve (Fed), is set to take center stage again this Wednesday, June 28. After a recent appearance before the US Congress, Powell will focus on current interest rates and monetary policy. The market anticipates him to maintain his hawkish stance and emphasize Fed’s data dependence. Any unexpected revelations could significantly influence the market, which, based on the FedWatch Tool, is already expecting another 25-basis point hike in July.
Also on Wednesday, the Fed’s stress test results for US banks will garner attention. The report’s outcome could impact the health of the banking system amid increasing use of the Bank Term Funding Program (BTFP) and several emergency interventions. A failing mark for a number of banks could trigger ripples across financial markets, potentially creating an upward trend in BTC, much like it did in March. Additionally, this could exert further pressure on the US dollar index (DXY), benefiting Bitcoin and crypto prices.
On Thursday, June 29, the latest preliminary US GDP figures for Q1 2023 will be released by the U.S. Bureau of Economic Analysis. The expected figure stands at 1.4%, a slight uptick from the previous 1.3%. Even though the US GDP is still below 2%, confirming or surpassing this forecast could indicate a stabilizing US economy, potentially influencing the broader financial and crypto markets.
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Friday, June 30, will be significant as the Bureau of Economic Analysis releases the core Personal Consumption Expenditures (PCE) for May. This indicator, central to the Fed’s interest rate decisions, is expected to register a further increase of +0.4% on a month-on-month basis.
The day takes on extra weight for Bitcoin as it marks the closure of its monthly and quarterly candle, along with the expiration of a record-breaking $5 billion in Bitcoin options. This expiry could provoke a significant surge in volatility for a brief period.
As Bitcoin and the broader crypto market navigate these crucial events, traders and investors will be watching closely for potential impacts on the market’s trajectory.
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